Cash Accounting
How does accrual accounting contrast it with cash basis accounting?
To put it as simply as possible, accrual accounting adds income as it’s accrued (earned) Cash basis doesn’t add income until it is actually received.
If a company gives a customer a product that they will actually pay for later, the income is entered into their accounting ledger even though payment has not yet been received. This is accrual accounting. It has the advantage of tracking upcoming expenses and income for better future planning.
In Cash Basis all accounting is done strictly on the actual movement of cash or cash value in an account. It is simpler and does not recognize promises to pay or debts owed as either expenses or income.
Basic Accounting : What Are Cash Flow Notes?
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